President Bola Tinubu has stated that the withdrawal of fuel subsidy is not negotiable, despite continuous #EndBadGovernance protests demanding their reintroduction.
In a televised speech on Sunday, the President reiterated his stance on the recent economic reforms. He described the decision to remove the fuel subsidy as a difficult yet crucial move for revitalizing the country’s economy, which has long suffered from mismanagement.
The President characterized the subsidy as a significant obstacle to economic progress, likening it to a “noose around the economic jugular of our nation.” He assured Nigerians that law enforcement would continue to protect lives and property while upholding constitutional rights.
He also reaffirmed his dedication to transparent and accountable governance, envisioning a society where every citizen can enjoy peace, freedom, and a meaningful livelihood. The President acknowledged the immediate inconveniences resulting from the subsidy removal but stressed that addressing long-term economic issues is vital.
“Our economy has been weak and declining due to many misalignments that have hindered our growth. Over a year ago, Nigeria reached a point where we could no longer afford temporary solutions to long-term problems, which are crucial for both current and future generations.
“I made the difficult but necessary choice to eliminate fuel subsidies and abolish multiple foreign exchange systems that acted as a noose around our nation’s economic neck. These measures had obstructed our economic development by benefiting smugglers and rent-seekers and extending undue subsidies to neighboring countries, ultimately weakening our economy.
“These steps were essential to reverse decades of economic mismanagement. I acknowledge that the responsibility lies with me. However, I am committed to delivering effective and good governance to our people.”
